The Option and Decision to Repurchase Stock
研究了公开市场股票回购计划在公告、实施和撤销三个阶段中现金与风险因素的作用，发现它们主要影响实施阶段，并部分抵消了公告时的信号效应。
Open‐market repurchase programs provide firms with the flexibility to manage the cash and risk aspects of their operations. We examine at which stage cash and risk matter in the typical stages of a repurchase program: announcement, implementation, and withdrawal. Cash and risk considerations appear to matter only at the implementation stage, and partially negate the traditional signaling effect around program announcement.